The Memphis appeal. [volume] (Memphis, Tenn.) 1886-1890, 1887-01-08
r.. G. dun e. CO.'S REVIEW
OF THE DIFFERENT TRADES FOR
THE WEEK.
The New Year Opened With Higher
Prices-Tte Danger. Of the
Surplus.

New YoRK, Dcember 7.-R. G.
Dun & Co. furnish the following
weekly review of trade: The new
year opens with higher prices. Wheat
has advanced II cents his week on
sales of 20, 100000 bushels. Flour has
advanced ! cent on sales of 10, 000, 900
barrels. Cotton rises l-l6 cent, WITH
moderate transactions. Hogs, coffee,
iron and silver are higher. Corn ard
oats have been little weaker, and
large realizing by foreigners has
choked the tendency to advance in
stocks. But the expansion OF cur
rency and investment OF large divi-
dends received and profit realized
tend to lift prices for the present in
spite of fears reading legisla ion.
Since August lst, the Treasury has
added S22, 497, 088 to the gold certiti
Gates outstanding, AID $29,6S2, 626 to
the silver certificates and about 81
O00,000 to the standard silver dollar.
Bank circulation has decreased $l0,-
ops, 46l, and the legal tenders not in
Treasury have diminished over Of per
cent not counting the addition to
gold in circulation. Following an ex-
pansion OF about 100000 00J since
1873, this makes their circulation
per capita the largest ever recorded.
1t is now to be- motto d that
liver dollars begin to go back in the
Treasury in place OF small certificates
Issued, and the government during
the past week hes taken in as much
money al it has paid out in spite OF
half yearly interest payments. Con-
sultst on at Washington make reduc-
ton OF the revenue at this session i'm
probable, aud the accumulation Of
Surplus threatens disturbance after
July LIST.
Over 5000 miles of railroad were
built last year-bnly 1900 miles in the
Eastern and Southeastern States, and
over 40C0 miles in Kansas, Nebraska,
Dakota, Minnesota and Texas. Hence
the rise in iron. Pltisburg prices sd-
vsnced 81 on Wednesday, though the
production now exceeds 100000 tors
every month. This associations offi-
cisl repcr makes the output 2,950,0O0
tons for the last half of 1888. This pow
erful impulse toward prospsr ty mer-
chants fear would be taken away If the
interstate commerce bill should dis
courage railroad building, In business
circles the apprehension OF a set back,
as q consequence OF high through rates
for Western products and an arrest OF
railroad building, strongly influences
| calculations for the future. The fail
ure OF large cattle raising company
illustrated recent suggestion as
to the evils of overproduction and
control OF transportation linee. In
the Southwest failures have been un.
usually numerous; in other sectiops
not more than might be expected for
the first week OF the year. Collections
are generally satisfactory, and the in
creasing number of buyers gives great
or activity here in the dry goods
trade. Coal advanced because of an
important strike Of the handlers. Bos-
ton shipment of boots aud shoes for
1885 were 2875,3l6 cases, against
2 SIS, 1854 in 1885. Wool sales at Phils-
delpha were 100000 pounds less
than in 1885, but New York imports
of foreign wool were 18, 900, 600 pounds
larger. Higher prices here for wheat
and cotton also imply belief that
production will be curtailed next year
as result of unsatisfactory returns to
| farmers.
Railroad earnings in December on
twenty-one roads exceeded those OF
1885 about Is per cent and bank ex.
changes for the year show larger
transactions than ever, excepting in
parts of the South. But railway fore
closures, as reported by the Chicago
Railway Age, exceeded in 1886 those Of
any previous year, including forty.fve
roads with 1878, 100000 Of stocks and
bonds. The late decision of al Ohio
court invalidating the fret mortgage
on the Nickel Plate road is used to ex
cite distrust of foreign investors, APP
parently with some effect. Foreign
exchange has advanced and shipments
of gold hither are suspended. But
Colorado reports output of precious
metals $4 294,6SS greater in 1885 than
1885.
The failures during the last seven
days number for tie United Stats
27l for Canada, %; total, 299; Against
273 last week and 263 the week pre-
vious. The increase arises in the
South, where the failures ara excep
tiona!iy numerous, though not impor
tant. Estimates for the year Of the
production of pig iron are as follows
| Charc pal iron, Alb, 129 gross tons; an
thracite iron, 1,830,115; bituminouf
iron, 1891, $40; total, 5,634,6l8 gross
tons; being little more than 1900,
600 tons more than last year, an in
crease of 33 per cent.